Bit Digital dumps 280 Bitcoin, amasses over 100K ETH

Bit Digital has officially pivoted to a fully Ethereum-based treasury strategy, dumping its remaining Bitcoin holdings in favor of the world’s second-largest cryptocurrency.

According to a press release on July 7, the Nasdaq-listed company has sold about 280 Bitcoin (BTC) and now has about 100,603 Ethereum (ETH), making it one of the biggest institutional Ethereum holders in the world.

The strategic pivot follows Bit Digital’s $172 million public offering in June, the proceeds of which were used exclusively to purchase Ethereum. The company already held 24,434 ETH as of March 31, 2025. With its recent acquisitions, it has now quadrupled its ETH reserves.

Chief executive officer Sam Tabar framed the move as a long-term bet on Ethereum’s ability to reshape finance. “Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets,” Tabar said. “We are starting with exposure to over 100K ETH for now but we intend to aggressively add more so we become the preeminent ETH holding company in the world.”

This shift comes as Bit Digital exits its legacy Bitcoin mining business. Ethereum’s proof-of-stake model, in contrast to mining, enables businesses to generate yield by staking tokens without the continuous expenses and selling pressure that come with mining. 

Bit Digital began building its Ethereum staking infrastructure in 2022. Today, it runs one of the biggest validator networks in the market, complete with institutional-grade custody and active governance involvement. With over $300 million in ETH and plans to scale further, Bit Digital is staking its future, and balance sheet, on Ethereum.

The company’s move comes amid a wider institutional shift toward Ethereum as a treasury asset. Ethereum-centric treasury strategies have also been established by other publicly traded companies, such as BioNexus Gene Lab and SharpLink. Together, they form part of the Strategic ETH Reserve, a consortium that keeps track of more than 1.2 million ETH held in corporate treasuries.

Although Bitcoin is still the most popular cryptocurrency treasury asset in the world, Ethereum is catching up because of its use in decentralized finance, its deflationary design, and its staking rewards, which usually range from 3 to 5% per year.